What's the best mortgage rate out there?

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  1. #21
    blacklabel868

    Any updates?

    Anyone have any updates for this thread? I currently have two mortgages with Wing Hang Bank and am paying 2.70% interest (P - 2.55%, where P=5.25%). I am considering offers from the following banks.

    Standard Chartered - 1 Month HIBOR + 0.9% or P - 2.35%, where P= 5.25.

    China Construction Bank - 1 Month HIBOR + 1.25% or P - 2.55%, where P=5.25.

    CITIC International - 1 Month HIBOR + 0.9%, Cap at P - 2.5%, not sure if their P rate is = 5.00 or 5.25.

    Wing Lung Bank - 1 Month HIBOR + 1.5%, Cap at P - 2%, where P=5.25%.

    Wing Lung already processed my application and gave me a firm letter of offer. Total loan amount is almost 9M with a loan tenor of 20 years. I pushed for a penalty of only 1 year at 1% and it was accepted.

    I would have to pay a 1% penalty to my current bank (roughly HKD $90,000) but this can be offset by the savings on interest expenses.

    My banker at WHB is refusing to lower my interest rate or allow me to switch to any HIBOR based plans.

    Is anyone else aware of better offers? I contact several banks directly and have also used Macky of mReferral. Are there any other mortgage brokers out there I can work with and would banks normally be in a position to offer more competitive rates should I approach them directly?.

    Thanks

    Last edited by blacklabel868; 05-06-2010 at 08:30 PM.

  2. #22

    Join Date
    Jan 2005
    Posts
    74
    DBS Bank - 1 Month HIBOR + 0.8%, Cap at P - 2.75%, where P=5.25%.

    Contact DBS directly don't use mReferral.

  3. #23

    Join Date
    Oct 2008
    Posts
    23

    HSBC
    1 month HIBOR + 0.7% capped @ P-2.6%
    Chong Hing Bank
    1 month HIBOR + 0.7% capped @ P-2.8%
    BEA
    1 month HIBOR + 0.7% capped @ P-3%
    Wing Lung Bank
    1 month HIBOR + 0.7% capped @ P-2.75%
    Bank of Communications
    1 month HIBOR + 0.7% capped @ P-2.8%

    Last edited by bcskunk; 18-06-2010 at 06:28 PM.

  4. #24

    Join Date
    Oct 2008
    Posts
    23

    All based on P=5.25%


  5. #25

    Join Date
    Mar 2010
    Posts
    115

    DBS does HIBOR+0.65%, as does Citibank.


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